For today’s Bitcoin analysis, I’m going to be focusing on the shorter fifteen minute timeframe. I know there are a

For today’s Bitcoin analysis, I’m going to be focusing on the shorter fifteen minute timeframe. I know there are a lot of people who try to scalp crypto currencies, here at DC Magnates we try to cater for all types of traders.

So, let’s take a look at the BTC/USD M15 chart below (click to expand):

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Then, if we apply another Fib study to the current swings, i.e. from this week’s low of 438 to the week high of 455, as seen below:

It’s clear how the market is behaving right now. Clear in the sense there is no clarity, apart from the fact that price is now ranging between the 38.2% Fib and the 61.8% Fib retracement levels.

In addition, price seems to be fixed between the two Bollinger extremes, using the middle Bollinger line as it’s centre of gravity. Notice how all three lines of the Bollinger, i.e. the upper, middle and lower lines are all now horizontal, further proof of ranging, and evidence of further ranging, helped by the inconsistency of other indicators.

When such price action occurs, scalpers often use the upper and lower Bollinger lines as entry points, with the middle line as an exit point. Whilst such a rigid approach can land you in hot water on the occasion things don’t go your way, it is a solid foundation to base your scalping needs off.